Participated · Equity · Aug 2026

Founded in 2016 by Sushant Goel, Anirudh Sharma and Ayush Bathwal, Third Wave Coffee has grown into one of India’s larger homegrown coffee chains. It operates more than 240 cafes across cities including Delhi NCR, Hyderabad, Chennai, Mumbai, Pune and recently expanded into Ahmedabad, Mangalore, Agra and Kolkata, and is evaluating further markets such as Guwahati, Ranchi, Patna and Bhubaneswar. The company is targeting 320 cafes by fiscal year-end and aims to add roughly 100 cafes annually. Beyond coffee, it is expanding its food and beverage offerings—such as Third Rush Desserts, signature non-coffee beverages, all-day menus, seasonal items, and breakfast and savoury formats. Management stresses disciplined unit economics, store payback and operational execution as it scales, and is using the recent capital raise to accelerate geographic expansion and increase store density in high-potential cities.